The AI in Business Podcast AI Regulation and Risk Management in 2024 - with Micheal Berger of Munich Re
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Jan 21, 2025 
Michael Berger, Head of Insure AI at Munich Re, shares his expertise on the evolving landscape of AI risk management. He discusses the shift from hype to realistic applications of generative AI, emphasizing the importance of clear risk tolerances. Berger highlights the complexities of managing AI risks, particularly in free speech and data governance. He also addresses the critical need for AI governance frameworks to mitigate challenges and shares insights on optimizing AI in the insurance sector for better predictive modeling and efficiency.
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Probabilistic Nature of AI
- AI models are probabilistic, meaning errors are inevitable.
- Define acceptable risk tolerance levels for different AI applications.
Balancing Risk and Business Goals
- Tie risk tolerance to business goals and technical feasibility.
- Consider the cost of additional data science work for risk mitigation.
Emerging Standards for AI Governance
- Emerging standards like NIST provide guidance on AI governance.
- Insurance companies offer insights for building insurable AI models.